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15.10.2022 - 22:07
Business
Evening Standard
Mini-budget went ‘too far, too fast’, says new Chancellor
Jeremy Hunt said that Liz Truss’s mini-budget went “too far, too fast” as the new Chancellor effectively signalled the demise of the Prime Minister’s economic vision.Political and economic circles spent Saturday sizing up Mr Hunt after he used a series of broadcast interviews in the morning to suggest Ms Truss’s immediate economic plan is now …
15.10.2022 - 21:48
Business
Evening Standard
Asos seeks £350 million credit boost to avoid financial buffers
Troubled fast fashion retailer Asos is to take urgent action to avoid the financial buffers confirming it is in talks about its £350 million credit facility with financial backers and in the “final stages” of agreeing its “future financial covenant”.The retailer that insisted it had a “strong liquidity position” issues its full year results on …
15.10.2022 - 19:43
Business
Evening Standard
Speculation builds over Hunt’s plans amid reports of delay to 1p income tax cut
Speculation is growing about the direction that new Chancellor Jeremy Hunt will take the nation’s finances, amid reports that he could seek to delay plans for a 1p cut in income tax.The new Chancellor, who spoke to broadcasters on Saturday in his first full day in office, declined to be drawn into specifics of what …
15.10.2022 - 13:48
Business
Sky News
Interest rate rise will be higher than expected next month, Bank of England chief suggests
Interest rates will have to be raised higher than initially hoped in the face of inflationary pressures, the Bank of England (BoE) governor has suggested.Speaking at an International Monetary Fund event in Washington, Andrew Bailey also said there had been “a very clear and immediate meeting of minds” with new Chancellor Jeremy Hunt on the …
15.10.2022 - 12:13
Business
Sky News
Asos troubles deepen as lenders fashion balance sheet talks
Asos, the online fashion retailer, is facing deepening troubles after its biggest lenders hired advisers in a move that could pave the way for a formal financial restructuring.Sky News has learnt that the London-listed company, which is due to report its full-year results to the City on Wednesday, recently approached the banks behind its £350m …
15.10.2022 - 08:48
Business
Evening Standard
Hunt: Tax rises and spending cuts on cards with ‘difficult’ decisions ahead
Liz Truss’s new Chancellor signalled on Saturday his plan to up-end the Prime Minister’s entire economic strategy, in an extraordinary rebuke of the pledges that brought her into office.Jeremy Hunt, widely seen now as the most powerful figure in Government, used a series of broadcast interviews on Saturday morning to signal that Ms Truss’s immediate …
15.10.2022 - 07:00
Business
Business Live
People on the move: key North East appointments and promotions of the week
Karen Wheatley has joined Barratt Developments North East’s board as the region’s new commercial director, becoming the first ever female on the board of directors. Her role will cover the growth and development of the business, while helping to identify new commercial opportunities. Ms Wheatley began her career in construction in 1987 as a surveyor …
15.10.2022 - 03:10
Press Release
Pressat
Kwarteng’s out – but are the problems of the mini budget over?
Kwasi Kwarteng has been sacked as Chancellor of the Exchequer. While he, and Downing Street, insist it was an amicable departure, that this is the fourth Chancellor this year leaves much up in the air. Kwarteng’s tenure as Chancellor was in fact the second shortest in modern British history. Right on the heels of Kwarteng’s …
15.10.2022 - 00:36
Business
Sky News
Millions to see annual mortgage payments rise by more than £5,000 in next two years
More than five million households could see their annual mortgage payments rise by an average of £5,100 between now and the end of 2024, a leading think tank has warned. In total, mortgage payments are set to rise annually by £26bn over the next two years, according to the Resolution Foundation. Affected households in London …
14.10.2022 - 23:01
Business
Evening Standard
Truss fighting to stay in power after day of chaos in Westminster
Liz Truss’s premiership remains in peril this weekend, after she sacked her chancellor and ditched a major chunk of her mini-budget in an extraordinary gamble to stay in power.It was unclear late on Friday whether such drastic actions could be enough to keep her in Downing Street, with the markets remaining jittery and reports of …
14.10.2022 - 18:46
Business
Sky News
Having sealed her chancellor’s fate, the markets could seal the prime minister’s fate | Ed Conway
So farewell, then, Trussonomics.The demise of the country’s second shortest-lived chancellor also brings with it the demise of the country’s shortest-lived economic movement. Liz Truss came into office promising to boost the country’s growth rate through a forensic combination of tax cuts, reforms to the country’s supply side (for which read: things like planning reform) …
14.10.2022 - 17:43
Business
Evening Standard
New chancellor will be ‘chief executive’ in Government, says ally
An ally of new Chancellor Jeremy Hunt has said that he will be a “chief executive” inside Liz Truss’s ailing Government.Steve Brine, a Tory MP who worked with the former health secretary, suggested that he would be the “chief executive” to Ms Truss’s “chairman” as she seeks to steady her administration after a brutal day …
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